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 & (1) & (2) & (3) \\
VARIABLES & FDinv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & FDinv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & FDinv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h \\ \hline
 &  &  &  \\
FDhhi & -0.374** & -0.370** & -0.378** \\
 & (0.177) & (0.178) & (0.180) \\
Constant & 0.00229 & 0.0329*** & 0.00229*** \\
 & (0.00236) & (0.00271) & (3.44e-05) \\
 &  &  &  \\
Observations & 6,875 & 6,875 & 6,875 \\
R-squared & 0.005 & 0.012 & 0.126 \\
Sector FE & No & No & No \\
Year FE & No & Yes & No \\
Cluster & Sector Year & Sector Year & Sector Year \\
 Sector2d* Year FE &  &  & Yes \\ \hline
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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